inflation

Treasury Department proposes rule to charge excise tax on corporate stock repurchases – Financial Regulation News

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Treasury Department proposes rule to charge excise tax on corporate stock repurchases - Financial Regulation News

The U.S. Department of the Treasury and IRS have proposed regulations on the stock buyback excise tax, which applies at a rate of one percent of the fair market value of stock repurchased by a covered corporation. This is part of the Inflation Reduction Act aimed at ensuring large corporations pay their fair share in taxes and reinvest profits in workers, growth, and innovation.

Weekly IRS Roundup April 1 – April 5, 2024 | JD Supra

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Weekly IRS Roundup April 1 – April 5, 2024 | JD Supra

The IRS released guidance on corporate bond monthly yield curve, applicable federal rates, and proposed regulations on production tax credit.

Yen declines after weak US data, buyers take profits

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Yen declines after weak US data, buyers take profits

The USDJPY pair was trading at 152.95 with a modest loss of 0.17% late Friday. Despite a drop in consumer confidence in the US, the Greenback is set to close a winning week due to hot inflation data reported. The US Bureau of Labor Statistics revealed a rise in inflation, with the Consumer Price Index rising to 3.5% year-over-year in March. Hot inflation figures fueled hawkish bets on the Federal Reserve and US Treasury yields, benefiting the USD during the week. The USD may see further upside if data validates bets, with Retail Sales figures from March set to be released next Monday. On the technical analysis side, the USDJPY pair shows a sustained trend in positive territory on the Relative Strength Index (RSI) and a bullish posture above the 20-day, 100-day, and 200-day Simple Moving Average (SMA).

Euro tumbles on firm ECB rate cut bets for June

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Euro tumbles on firm ECB rate cut bets for June

The EURUSD fell to a near five-month low around 1.0660 due to speculation that the European Central Bank will begin reducing interest rates from the June meeting.

Europe turns to ECB after U.S. inflation selloff

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Europe turns to ECB after U.S. inflation selloff

Stocks and the euro were steady ahead of an European Central Bank meeting on Thursday, after stubborn U.S. inflation numbers triggered the biggest global market selloff in months and left Japan’s yen at a new 34-year low.

New Jersey Governor Phil Murphy Betrays No Tax Increase Promise, Returns to Tax-and-Spend Ways – Americans for Tax Reform

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New Jersey Governor Phil Murphy Betrays No Tax Increase Promise, Returns to Tax-and-Spend Ways - Americans for Tax Reform

New Jersey Governor Phil Murphy’s budget proposal includes record spending and a return to pushing tax hikes. The proposal also involves reinstating a corporate tax surcharge, implementing a truck traffic excise fee, and diverting funds from a debt relief account. Despite promises not to raise taxes, the governor’s budget would still face a structural deficit. Governor Murphy’s first term also featured growing budgets and annual tax hikes.

Euro remains vulnerable after ECB keeps rates steady

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Euro remains vulnerable after ECB keeps rates steady

The European Central Bank (ECB) decided to hold its Main Refinancing Operations Rate steady at 4.5% to maintain downward pressure on consumer price inflation. ECB President Christine Lagarde warned of a weak economy with risks to growth tilted to the downside. The strong US Dollar is also contributing to the weakness in the EURUSD pair. The Dollar Index (DXY) is near a four-month high, and market expectations for Federal Reserve rate cuts have been pushed back due to strong US consumer price inflation and core Producer Price Index data.

WTI lacks direction, consolidates below $86.00

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WTI lacks direction, consolidates below $86.00

The text discusses the current struggles of West Texas Intermediate (WTI) crude oil prices, which are being supported by concerns about the Middle East crisis. Despite potential supply risks, a substantial rise in US crude inventories and signs of cooling fuel demand are capping the upside for oil prices. Additionally, hotter US consumer inflation figures have led investors to push back expectations for an interest rate cut by the Federal Reserve. Traders are now looking to US economic data and speeches by FOMC members to drive USD demand and influence crude oil prices.

Our View: MPs, ’ ATM gripe undermines profitable business model

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Our View: MPs, ’ ATM gripe undermines profitable business model

Deputies in Cyprus criticized banks for not having enough ATMs, especially in rural areas, during a House commerce committee meeting. The chairman of the committee stated that banks were lacking social responsibility and prioritizing profit over serving the community. Despite the criticism, banks explained that operating ATMs is costly and they plan to reduce them to improve profitability, which is necessary for a dynamic economy. The closure of the cooperative bank was also mentioned as a result of prioritizing social responsibility over profits.

Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

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Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

Fact: The bill introduced by Sen. Bernie Sanders would allow the federal government to collect an additional .3 trillion in tax revenue over the next decade.